April has been designated National Financial Literacy Month since 2004, when the United States Senate passed a resolution highlighting the importance of financial literacy and teaching consumers of all ages to manage money wisely.
Because of the financial challenges American families are currently facing, the observance may be particularly important today. Five years after the Great Recession, many are still feeling insecure financially. Wage growth has been weak in recent years. Researchers combining U.S. Census Bureau and Federal Reserve data found 38.1 percent of households are carrying credit card debt, with an average balance of $15,863.1
If you have a family member who is feeling pressured financially, you may want to tell them about FinancialLiteracyMonth.com, a site Money Management International created to educate consumers. The site offers a variety of informative resources and planning tools including: free webinars on helpful financial topics; income, expense and net worth worksheets; financial goals and priorities worksheets; and an eBook titled “Tips for Change.”
The following sites offer helpful resources to teach kids and teens about money skills:
• Money Savvy Generation at www.msgen.com
• The Institute for Consumer Financial Education (ICFE) at http://www.financial-education-icfe.org (click on the Children and Money link)
• Money Instructor’s section for kids at http://www.moneyinstructor.com/kids.asp
National Financial Literacy Month provides a timely reminder to review your financial situation, increase your savings, develop a comprehensive estate plan or encourage family members to take steps to secure their future. Please give us a call if you’d like to go over your portfolio, discuss retirement distribution, develop an estate plan, or have us talk to your children or grandchildren about their finances. Call Jordan Dechtman, Denver wealth manager at 303-741-9772, email him at Jordan@JordanDechtman.com or visit our website www.JordanDechtman.com to schedule an appointment.
1”American Credit Card Debt Statistics & Key Findings” – Updated Feb. 2016,